Editorial Review

Sallie Mae Bank Review: Savings and CDs

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Overall bank rating

Savings

Savings

CD rates

CD rates

Banking experience

Banking experience

3.5

NerdWallet rating

The bottom line: Sallie Mae Bank offers high — though not quite the highest — savings rates, and it won’t drain your account with fees. Its website is easy to navigate, but the bank has limited customer service hours, and making a phone call is the main way to get in touch.

Pros

Solid rates on savings and CDs.

No minimum opening deposit on savings or money market accounts.

Few and relatively low account fees.

Cons

Limited customer service hours and options.

You’ll need another bank to fund your account.

Doesn't offer checking accounts.

Full review

Sallie Mae Bank High-Yield Savings Account

4.0

NerdWallet rating

APY

1.10%

With $0 minimum balance

Sallie Mae Bank offers multiple savings options, including a high-yield savings account, a money market account and SmartyPig, an interest-paying account with goal tracking. Neither the money market nor the high-yield savings account has a minimum deposit to open or earn interest.

You can only move money into your savings account with an electronic transfer or a check, so you need at least one additional account at another institution to move money around.

Sallie Mae Bank CD

3.5

NerdWallet rating

1-year APY

1.05%

3-year APY

1.05%

5-year APY

1.10%

Minimum Deposit

$2,500

Sallie Mae Bank offers CDs in a variety of term lengths, from six months to five years. They pay from 0.90% to 1.10%.

You’ll have to pay in $2,500 to get a CD from Sallie Mae Bank. You can find online banks with lower or even no minimum deposit requirements.

Banking experience

3.0

NerdWallet rating

As with most online banks, you shouldn’t expect to do your banking at a branch with Sallie Mae — it just has one, in Salt Lake City.

Sallie Mae’s products are all easy to find on its website and rates are clearly spelled out, but to get in touch with Sallie Mae, you’ll likely have to call, and customer service hours are limited to weekdays. The company doesn’t offer live chat or other service methods, and neither of Sallie Mae Bank’s apps cracks 2.5 stars in the Android or iOS app stores.

Sallie Mae Bank High-Yield Savings Account

4.0

NerdWallet rating

APY

1.10%

With $0 minimum balance

Sallie Mae Bank offers multiple savings options, including a high-yield savings account, a money market account and SmartyPig, an interest-paying account with goal tracking. Neither the money market nor the high-yield savings account has a minimum deposit to open or earn interest.

You can only move money into your savings account with an electronic transfer or a check, so you need at least one additional account at another institution to move money around.

Sallie Mae Bank CD

3.5

NerdWallet rating

1-year APY

1.05%

3-year APY

1.05%

5-year APY

1.10%

Minimum Deposit

$2,500

Sallie Mae Bank offers CDs in a variety of term lengths, from six months to five years. They pay from 0.90% to 1.10%.

You’ll have to pay in $2,500 to get a CD from Sallie Mae Bank. You can find online banks with lower or even no minimum deposit requirements.

3.0

NerdWallet rating

As with most online banks, you shouldn’t expect to do your banking at a branch with Sallie Mae — it just has one, in Salt Lake City.

Sallie Mae’s products are all easy to find on its website and rates are clearly spelled out, but to get in touch with Sallie Mae, you’ll likely have to call, and customer service hours are limited to weekdays. The company doesn’t offer live chat or other service methods, and neither of Sallie Mae Bank’s apps cracks 2.5 stars in the Android or iOS app stores.

APY

1.30%

With $0 minimum balance

APY

1.15%

With $0 minimum balance

APY

1.15%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

$500

Requirements to qualify

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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